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  • Neil Harrison

Surely home improvement may well be ‘best choice’ now in the current financial crisis?

Updated: May 26, 2023

Well, it’s now becoming somewhat confusing - and even bordering on the near desperate - when it comes to deciding how best to re-act to the current financial climate and the - what looks like - desperate effects occurring reference house prices, mortgages AND the overall house selling environment emerging, as we move into Winter and on to 2023…..and there’s yet another new Prime Minister on the way too…who knows what that might bring! 

The New Year for sure, has a somewhat ‘who knows’ feel about it in so many respects, due the cost of living pressures, which are tipped to go on slowing the homes market as the financial uncertainty ramps up alongside the energy price disasters and all the cost of living, day to day, uncertainty issues. 

significant rate rise

There’s been a warning about more expensive mortgages for the 2.2 million people, currently on a variable rate… and homeowners have been warned this week to brace themselves for a significant rise in interest rates by the Bank of England, Also, news has been seen already of houses selling for less(!!) than their advertised market prices.

about to soar

The pricing of mortgage deals on offer to people looking to take out a new mortgage and move, has already increased, and may yet have some way further to go. Also, apparently the proportion of the average new buyers’ disposable income absorbed by monthly mortgage payments could be about to soar to 32% early next year, that is from 22% at the start of 2022!

stay put

Surely fewer potential buyers will commit to such a burdensome stream of future payment increases and a good few others may surely fail lenders’ affordability tests.  The only thing to do now must be - it seems - to just stay put….and spend the Winter making ends meet… best that you can.

achieve progress

If it’s batten down the hatches for many, a way perhaps to achieve some progress at home might be to engage in a modest - or even ‘very modest’ home improvement - which would surely offer at least some new facility to help day to day life at home for the time being?

vital added value

Surely, this is better than braving the current, looming financial mortgage and home prices storm. It is surely better to be at home next year with modest new facilities and, also, have the advantage of the vital added price value , earned from a well-planned good home improvement project available ready for when things settle and a home move becomes more feasible.   all options We at Mint can and would, of course, help you balance ALL options and ideas regarding achievable improvement at your home, if that’s a route you DO feel you could just about go for now! 

key outcome

We will, of course, talk straight on every aspect, effect and key outcome that could emerge from undertaking any such home project in these tough times. Good luck with whatever you decide is best for you and yours! 

We at Mint Builders are, of course, here to help locally with all kinds of questions and ideas relating to all your new home extensions or renovation ideas and plans. We can  assist with all your 2022 and 2023 home renovation priority planning and project organisation of all kinds.

Feel free to request our project planning and quotation visit to refurbish or extend your home for more energy saving ‘liveability’ during this tough Winter ahead and vital increased future protective money-making, added sales value, vital perhaps in these challenging financial times . Contact Mint Builders about your home extension, renovation and re-orgsnisation plans this year or next. Call 07734 211958 or email mintbuilders@hotmail.co.uk

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